Phoenix is one of the richest agricultural foods and commodities traders in the UAE, it also has special technology and engineering branches as well as travel, construction and transportation investments.
"OurCrowd is pleased to associate itself with Al Naboodah, a leading and well-regarded business group in the UAE," said OurCrowd CEO Jon Medved. "The signing of OurCrowd’s first MOU in the UAE less than a month after formal normalization between the UAE and Israel shows our deep commitment to building relationships, and growing business in the UAE and beyond."
What the MoU will serve to do, is that when individuals in the Gulf seek out opportunities to invest in the Israeli tech market, Phoenix will then facilitate these relationships giving access to OurCrowd's investing platform. This will bolster investments in Israeli technology sectors such as agriculture, education, health, AI and robotics, among others.
Phoenix will also facilitate direct relationships between OurCrowd and Gulf-based start-ups to boost revenue through the OurCrowd platform. Phoenix will also assist Israeli start-ups in connecting with partners in the Gulf region, bringing the investments full circle.
"Phoenix will be a bridge, a two-way conduit for both Israeli and UAE investors, as well as startups seeking strategic, business and investment partners in these powerhouse tech nations," said Phoenix Chairman Abdullah S Al Naboodah. "This first of its kind major alliance will pave the way for the rapid expansion of business between our two countries."
